Final answer:
A bilateral contract is formed through the exchange of mutual promises, not necessarily through the immediate delivery of goods or payment of funds, thus the statement is false.
Step-by-step explanation:
For a bilateral contract to be formed, a promise must be exchanged for another promise, rather than a payment of funds or a delivery of goods being required immediately. The formation of a bilateral contract is characterized by the exchange of mutual promises, which legally binds the parties to fulfill their agreed obligations at some point in the future. Therefore, the statement that a payment of funds or a delivery of goods must take place for a bilateral contract to be formed is false.